Securities

November 27, 2002|Bloomberg News

Prudential Financial Inc. said it will stop selling U.S. stocks and bonds to individual investors in Europe and close or sell retail branch offices there in a reorganization of its international securities unit.

The second-biggest U.S. life insurer said Prudential-Bache International will shift its focus to private banking and asset management, which involves serving wealthy individuals. The company will fire an unspecified number of staff, said Prudential spokesman Michael Hanretta. He declined to detail the location or number of offices that will be closed.

ECONOMY

Mexico's trade deficit rose in October to its highest level this year, the Finance Ministry said in an e-mailed statement.

The trade gap was $987 million compared with a revised $427 million the previous month. Last year October's trade gap was $1.12 billion.

Exports in October totaled $14.69 billion as oil exports rose 40 percent from the previous year to $1.34 billion. Total imports climbed 12 percent to $15.68 billion from last year.

Brazilian regulations forbid any of the companies spun off from the sale of the former state telephone monopoly, Telecomunicacoes Brasileiras SA, in 1998 from merging or buying each other up to preserve competition. Embratel is the Brazilian unit of U.S.-based WorldCom Inc.